Finance Minister Senator Muhammad Aurangzeb has stressed on the importance of a practical and time-bound reform process in power sector.

He said this while presiding over the first meeting of the Steering Committee on Power Sector Regulatory Regime - Improvement and Reforms, held in Islamabad today.

The Steering Committee was constituted by the Prime Minister to review and advance reforms aimed at strengthening the regulatory framework of the power sector and promoting efficiency, investment and competition.

The Finance Minister said the reforms process in power sector should focus on tangible improvements in sector performance and investment outcomes.

He highlighted the potential of private-sector participation and investment in improving efficiency, promoting competition and supporting the development of the power sector.

The Minister emphasized the need for a comprehensive and sequenced roadmap with clear timelines and responsibilities.

The Committee reviewed the existing regulatory regime and discussed measures to improve the investment and operating environment in the power sector.

The Committee emphasized the need for a clear, predictable and consistent regulatory framework to facilitate private-sector participation, attract long-term investment and enhance efficiency and competition in the sector.

The meeting also discussed the importance of aligning the regulatory and policy framework with international good practices while keeping in view Pakistan's institutional and market conditions.

The Committee emphasized that reforms should support investment and sector efficiency while ensuring transparency, appropriate safeguards and regulatory certainty.

It further discussed the need for coordinated efforts among relevant ministries, regulators and institutions to address policy and regulatory issues affecting the power sector.

The Committee  reviewed the role of the Technical Working Group in undertaking detailed analysis and developing focused proposals for consideration by the Steering Committee.

The importance of structured engagement with investors and other relevant stakeholders was emphasized to obtain feedback and identify areas requiring regulatory improvement.

The Committee agreed that the Technical Working Group would undertake further work on the identified areas and submit focused proposals and recommendations to the Steering Committee for consideration.

The Steering Committee will review and approve proposals and recommendations of the Technical Working Group on power sector improvement and reforms, oversee implementation of proposals, and issue necessary policy directions to concerned ministries and agencies for timely implementation.